Oman
Financial reporting framework in the Sultanate of Oman
In accordance with directives from the Capital Market Authority of Oman, Central Bank of Oman and the Tax Authority of Oman, International Financial Reporting Standards are required to be applied by all companies in Oman.
In particular:
- In accordance with Article 5 of the Capital Market Law (English, Arabic), companies that have issued securities for public subscription must prepare annual, half-yearly and quarterly financial reports and submit them to the Capital Market Authority
- In accordance with Article 30 of the Law Organizing the Accountancy and Auditing Profession (English, Arabic), accountants are required to comply with international standards in the preparation of financial reports (unless other accounting standards are notified by the Omani Minister of Commerce and Industry)
- Under Article 72 of the Banking Law (English, Arabic), licensed banks are required to submit an annual report to the Central Bank of Oman in accordance with the requirements specified by the Central Bank. The Central Bank has issued Banking Circulars which require reports to be prepared in accordance with international standards.
Note: Links above are to the Omani government websites.
There is no endorsement or adoption process in Oman, and accordingly, IFRS as promulgated by the International Accounting Standards Board is applied without amendment.